Mortgage broker - ask me anything

haras_n0sirrah

bell2020 said:

haras_n0sirrah said:

bell2020 said:

Hi, we are due to put a full application in tomorrow through broker/packager.

Our broker said she will also instruct solicitor too. Does this mean the process will be quicker if solicitors do their stuff along side the lenders rather than waiting for a mortgage offer and then instructing a solicitor? Or is this normal practice? 

Thank you 

It will be quicker- the risk is that if you can't get a mortgage then you will have lost any upfront fees paid to the solicitor but as things currently stand with lender timescales that may be a risk you have to take

thank you. The quote we have from the solicitor (via the broker) states "no completion, no fee" 🤷‍♀️ 

This will mean no completion no solicitors fee however searches you would have to pay for (about £300)

haras_n0sirrah

nicthemighty said:

Hi, 90% LTV offer with HSBC in July. Purchase fell through so we've found somewhere else to move to but it's 8k more. HSBC have refused to change property on offer as they claim it's a new application and 90% not available.

Offer letter said we could make changes as long as they didn't affect the interest rate (but they wouldn't extend expiry) - what changes do they actually refer to if we can't change the property or expiry date!?

Current hope to keep this chain going is that our broker is hoping if we pay the shortfall ourselves then HSBC may be ok with it - just seems that the offer letter is misleading!

HSBC have stopped 90% - a new property would be classed as a new application generally especially if needing to borrow more money
If you have 8k extra does this enable you to get to 15% ?

Tally04

With current Covid uncertainty - Is it more likely to get a mortgage rejection being in a long term temporary job?

We are currently saving (extremely) hard and plan to have a 10% deposit by March/April next year. It will be a Joint FTB mortgage application with my Partner, but I am in a temporary position via an agency over 2 1/2 years, my job is not at risk through COVID, but I will likely not be made permanent as that is how my company seems to operates.

[Deleted User]

Hi, had great AIP from HSBC 5yr fix 1.99% but their current offerings are poor now I'm proceeding to full application.

AIB NI, Platform, Accord and TSB are coming top now - all are in the same ballpark so are any much better than others or ones to definitely avoid? 

haras_n0sirrah

dahj said:

Hi, had great AIP from HSBC 5yr fix 1.99% but their current offerings are poor now I'm proceeding to full application.

AIB NI, Platform, Accord and TSB are coming top now - all are in the same ballpark so are any much better than others or ones to definitely avoid? 

Hi - what is your loan to value and are you going through a broker?
AIB is a northern ireland lender so are you in Northern Ireland?

haras_n0sirrah

Tally04 said:

With current Covid uncertainty - Is it more likely to get a mortgage rejection being in a long term temporary job?

We are currently saving (extremely) hard and plan to have a 10% deposit by March/April next year. It will be a Joint FTB mortgage application with my Partner, but I am in a temporary position via an agency over 2 1/2 years, my job is not at risk through COVID, but I will likely not be made permanent as that is how my company seems to operates.

There are lenders who will consider temporary jobs as long as you have 12 months history. What the 10% landscape will look like next year is anyones guess but the temporary job as it stands isn't a huge problem

kingstreet

peppapig14 said:

full application to nationwide 14/9, valuation took place 17/9. No news since, broker says application is in underwriters queue- does it mean they should have the valuation and we could hear about a mortgage offer soon?

Latest Nationwide case. Valuation back 10 Sept, offer issued 23 Sept. Pretty typical today.

SueF1

kingstreet said:

peppapig14 said:

full application to nationwide 14/9, valuation took place 17/9. No news since, broker says application is in underwriters queue- does it mean they should have the valuation and we could hear about a mortgage offer soon?

Latest Nationwide case. Valuation back 10 Sept, offer issued 23 Sept. Pretty typical today.

Same typical timescale for Santander if you've had one recently please?

kingstreet

SueF1 said:

kingstreet said:

peppapig14 said:

full application to nationwide 14/9, valuation took place 17/9. No news since, broker says application is in underwriters queue- does it mean they should have the valuation and we could hear about a mortgage offer soon?

Latest Nationwide case. Valuation back 10 Sept, offer issued 23 Sept. Pretty typical today.

Same typical timescale for Santander if you've had one recently please?

Two apps in recently. Neither at offer stage yet.

Toyo_86

Hi, 
The surveyor (Connells) has scheduled an appointment for next week with the vendor for a valuation/homebuyer report for Natwest.  2 questions please
1. How long after the valuation is the report provided to Natwest
2. Will Natwest be only looking at the valuation side or will they look at the homebuyer report and put an opinion on this if they offer?
Thanks